Wealth management firms are accelerating their adoption of AI tools, from notetakers to workflow automation, but many are discovering that their data infrastructure isn't equipped to support these capabilities. The rapid rollout has revealed widespread data fragmentation and silos that limit the effectiveness of more advanced AI applications. Industry consultants warn that without foundational data modernization, firms risk adding complexity rather than efficiency. The result is a growing recognition that true AI transformation requires a unified, enterprise-level data strategy.

Neuberger's investment leaders break down the macro environment and its implications for equities, fixed income, and private markets. We distill this into five key themes to help you evaluate risk and opportunity in the year ahead.

Twenty percent of affluent investors use robo-advisors, the highest percentage in three years, according to a report by Escalent. Usage is highest among young investors, with 55% of Generation Z and 42% of millennials using roboadvisors. However, 57% of robo-advisor users rate access to financial professionals as important.

US households became more pessimistic about their current financial situations in November, according to the New York Federal Reserve's Survey of Consumer Expectations. Thirty-nine percent of respondents report that their financial situation has worsened over the past year, the highest percentage in two years. One-year inflation expectations remained steady at 3.2%, with the three- and five-year outlooks at 3%.

Wealth managers in the US are increasingly using evergreen fund structures to provide clients with access to private markets, according to a report by With Intelligence. The report highlights the growing importance of private credit, private equity and real estate investment trusts in wealth management portfolios.

A survey by the Finra Investor Education Foundation reveals that many investors are unaware of the fees they pay, with 20% incorrectly believing they pay no fees and 18% unsure of the amount. Only 24% accurately identified the fees, which are typically at least 1% of invested assets. The survey also notes a decline in new investors entering the market post-pandemic.

Evergreen and semi-liquid structures are becoming the industry standard for introducing private credit to 401(k) retirement plans, following President Donald Trump's executive order in August that allows alternative assets in such accounts. Some managers are also considering modified closed-end approaches for this purpose.

The Financial Industry Regulatory Authority has issued compliance guidance highlighting risks associated with generative artificial intelligence and cryptocurrency. The guidance details vulnerabilities such as AI agents acting beyond their authority and the potential for AI-driven fraud, as well as issues with firms' disclosures and due diligence regarding cryptocurrency.

Senate Banking Republicans have sent Democrats a three-page compromise offer on landmark digital asset market structure legislation, outlining 38 concessions in exchange for preserving 32 key GOP-backed sections. The proposal, led by Chair Tim Scott and Sens. Cynthia Lummis, Bill Hagerty and Bernie Moreno, includes White House-vetted language on SEC/CFTC quorums and ethics, plus consumer protection and bankruptcy standards, while seeking to keep contentious provisions on self-custody and software developer protections ahead of a hoped-for markup next week.

The Treasury Department and the IRS have released guidance on Trump accounts, officially known as Invest America accounts, inviting public comment by Feb. 20. The guidance covers account creation, contributions, eligible investments and distributions, and clarifies that financial institutions can serve as trustees if they are a bank or an IRS-approved nonbank trustee.